Index up on talk of GDP rebound
By Ye Zhen |
July 13, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI stocks edged up yesterday for a second day, led by energy and nonferrous metal producers amid talk China's economy will rebound in the third quarter with policy support.
The Shanghai Composite Index rose 0.46 percent to 2,185.49.
"China's economy may have reached the bottom in the second quarter and is expected to expand at 8.5 percent in the third quarter and 8.4 percent in 2012," an HSBC Holdings report said.
The bank's senior economist Fan Limin is confident China's economy will not have a "hard landing" as measures to spur domestic consumption will offset weak exports.
Coal firms gained amid talk coal prices may recover after falling for 10 straight weeks.
"Coal stocks have been oversold due to the falling coal prices and concerns over the economy," Xue Shudong, a senior strategist, said on Shanghai-based CBN TV channel yesterday. "Both the coal prices and inventories may start to rebound as policies kick in to stabilize growth."
China Shenhua Energy Co, the nation's biggest coal firm, gained 3.3 percent to 22.82 yuan (US$3.58). China Coal Energy Co, the second-biggest, rose 4.7 percent to 7.83 yuan and Datong Coal Industry Co added 4 percent to 10.80 yuan.
The Shanghai Composite Index rose 0.46 percent to 2,185.49.
"China's economy may have reached the bottom in the second quarter and is expected to expand at 8.5 percent in the third quarter and 8.4 percent in 2012," an HSBC Holdings report said.
The bank's senior economist Fan Limin is confident China's economy will not have a "hard landing" as measures to spur domestic consumption will offset weak exports.
Coal firms gained amid talk coal prices may recover after falling for 10 straight weeks.
"Coal stocks have been oversold due to the falling coal prices and concerns over the economy," Xue Shudong, a senior strategist, said on Shanghai-based CBN TV channel yesterday. "Both the coal prices and inventories may start to rebound as policies kick in to stabilize growth."
China Shenhua Energy Co, the nation's biggest coal firm, gained 3.3 percent to 22.82 yuan (US$3.58). China Coal Energy Co, the second-biggest, rose 4.7 percent to 7.83 yuan and Datong Coal Industry Co added 4 percent to 10.80 yuan.
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